| 07/25/2001 | Schwinn/GT's Growing DebtsIt is reported by the trade magazine Bicycle Retailer that Schwinn/GT's has over 1500 creditors with debts over $165 million. Secured creditors are owed more than $135 million. Thirty million is owed to Taiwanese bike companies, including $11 million to Merida alone.
Attorneys for Schwinn/GT have just failed to secure leave for the company to make payments to cover warranty issues, as well as pay past employees expenses including travel and medical.
It is unknown whether Huffy will retract their bid after these new details have come out. More news on the ongoing Schwinn/GT bankruptcy and sale will be forthcoming.
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